Rothschilds' Fifth Dip Into Midlands BTR As Investors Pile In
Edmond de Rothschild Real Estate Investment Management has made its fifth Midlands build-to-rent investment as the region's BTR sector becomes the go-to asset class for long-term granular income.
ERREIM has agreed to forward fund a £43M BTR development at the Market Quarter, Rugby. The scheme will include 360 apartments for rent. The development will be completed by April 2023 and be managed by the investor’s in-house BTR team, Midlands Business Insider reported.
The 2.2-acre Birmingham site will be funded by Cording Real Estate Group for £49.7M. Cording, a member of the Edmond de Rothschild Real Estate platform, is backing a scheme by High Street Residential, which plans 280 units originally due for completion by June 2022.
The transaction is structured as a turnkey forward-funding project with Galliard as developer and contractor. Heimstaden will fund the development.
Heimstaden is on a €2B investment drive as it looks to expand beyond its home Nordic markets.